• Thu. Jun 20th, 2024

These 20 Elements Define the Future of Startups

Bynewsmagzines

May 4, 2023
These 20 Elements Define the Future of Startups

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Greg Isenburg is the co-founder and CEO of Late Checkout, a product studio and agency that designs, creates and acquires community-first tech businesses. In a tweet, he laid out a list of 20 elements that will define the future of building startups. Here, we delve into each of these points to explore the new era of entrepreneurship taking shape.

Looking for help getting your startup going? Book a 1-on-1 video call with Greg Isenburg now.

20 Elements That Define the Future of Startups

  1. MVP Speed (1x per month): The speed at which minimum viable products (MVPs) are created will decrease dramatically. Startups will aim to launch a new MVP every month, fostering a culture of rapid experimentation and iteration.
  2. AI-Accelerated: Artificial intelligence will play a key role in startups, both in product development and decision-making processes. This will lead to more efficient and optimized businesses.
  3. Superniche is the new niche: Targeting ultra-specific market segments will become more prevalent as companies seek to differentiate themselves and build deep connections with their customers.
  4. Community 1st, software 2nd: Building a community will take precedence over developing software. This approach will create strong brand loyalty and foster organic growth.
  5. No-code first, some code second: No-code platforms will become the primary tool for building startups, with traditional coding taking a back seat. This will democratize the creation process and enable entrepreneurs to focus on innovation.
  6. 10x more automated: Automation will become a significant driver of efficiency in startups, allowing for leaner teams and smoother operations.
  7. Global teams, localized products: Startups will increasingly be built by global teams, yet their products will be tailored to local markets to better serve customer needs.
  8. 95% dominated by solopreneurs and microentrepreneurs (teams less than 12): The startup landscape will be dominated by solopreneurs and microentrepreneurs, leading to more diverse and agile businesses.
  9. Pop-up digital experiences: Apps and platforms that only work during specific times or events will become more common, creating a sense of urgency and exclusivity.
  10. The marketing holy trinity: Successful startups will need to achieve product/market fit, content/market fit, and community/market fit to truly gain traction.
  11. Half robot/half human teams: A mix of AI and human talent will form the backbone of startup teams, combining the best of both worlds for optimal results.
  12. Accelerated by “boring marketing”: Effective marketing strategies that may seem mundane or unexciting will play a crucial role in driving startup success.
  13. Multiple revenue streams: Diversifying revenue streams will become the norm, as startups look for various ways to generate income.
  14. Design matters: The importance of design will continue to grow, with high-quality aesthetics and user experiences being non-negotiable.
  15. Partnered with creators: Creators will play a significant role in distributing and promoting startups, leveraging their established audiences for greater reach.
  16. Feels like a game: Gamification elements will be integrated into startups, making them more engaging and fun for users.
  17. Purpose-driven moonshots: Startups will increasingly focus on making a positive societal impact, attracting both customers and investors who share the same values.
  18. Productized agencies for cash flow: Agencies will pivot to offering standardized products to generate consistent cash flow, like design agency Dispatch Design.
  19. Product studios become the norm: Product studios, which develop multiple products simultaneously, will become a popular business model in the startup world.
  20. 99% of MVPs won’t need VC: Venture capital will become less critical for the majority of MVPs, as alternative funding sources and bootstrapping gain traction.

The future of building startups is set to be an exciting journey marked by rapid experimentation. As the landscape evolves, entrepreneurs will need to adapt to new trends and strategies to stay ahead of the curve. By embracing AI, no-code platforms, and purpose-driven missions, startups can position themselves for success in this new era of entrepreneurship.

Related: 18 Inspiring Lessons From the GOATS of Entrepreneurship and Leadership

For those interested in learning more about the future of startups and gaining valuable insights from Greg Isenberg himself, you can book a 1-on-1 video call with him through Intro. This is a unique opportunity to have a personalized conversation with a thought leader and founder to gather practical advice.

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